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[Industry Focus]：Billions of investment! Shenghong Refining and Chemical Olefin Industry Chain Project Formally Signed, Including 240000 Tons/Year Bisphenol A, 300000 Tons/Year Acrylic Acid and Ester Plant

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On May 20th, the 3rd Jiangsu Development Conference with the theme "Love Jiangsu, Build Dreams Together" was grandly opened in Nanjing. More than 1000 guests from home and abroad participated in the event. At the signing ceremony of the 10 billion-level major projects of the conference, Shenghong Petrochemical Industry Group and Lianyungang Xuwei New District formally signed a contract on the Shenghong Refining and Chemical Olefin Industry Chain Project, marking the beginning of a new chapter in the process of building an innovative development pattern and promoting high-quality development around the implementation of the new development concept.

The planning area of Shenghong Refining and Chemical Olefin Industry Chain Project is about 1033 mu. It is planned to build 200000 tons/year α-olefin plant, 300000 tons/year POE plant, 300000 tons/year butyl octanol plant, 300000 tons/year acrylic acid and ester plant, and 240000 tons/year bisphenol A plant. It will further expand the high-end application of downstream materials business by using the rich basic intermediate products such as ethylene, propylene, phenol and acetone and acetone, extend the layout to the field of new materials.

For a long time, foreign enterprises have protected the catalysts required for the production of POE, and strictly blocked the process technology of high-carbon alpha-olefins, an important raw material for the production of POE, which seriously restricted the development of China's downstream high-end manufacturing industry. In 2022, Shenghong's independent research and development of POE catalyst and production technology successfully tested, breaking the monopoly and becoming the only enterprise in the country with both photovoltaic-grade EVA and POE independent production technology. The construction of Shenghong Refining Olefin Industry Chain Project will fill the gap in China's industrialization in the field of POE, help Shenghong EVA and POE go hand in hand, build "the world's largest photovoltaic film material industry base", and further enhance the overall competitive advantage of the industry.

According to relevant media reports, on May 19, Shenghong refining olefin industry chain project has been put on record.

Sheng Hong will continue to adhere to innovation leadership, continue to accelerate industrial transformation and upgrading, in-depth construction of the core raw material platform, new energy, new materials and other diversified industrial chains of the "1 N" innovation and development pattern, and accelerate the creation of a world-class new energy and new material industry cluster. Provide strong momentum for boosting the construction of a modern new Jiangsu with "strong, rich, beautiful and high!

Shenghong Group currently has a 16 million-ton/year refining and chemical integration unit, a 2.4 million-ton/year methanol-to-olefin (MTO) unit and a 700000-ton/year propane dehydrogenation (PDH) unit, realizing full coverage of the three olefin production process routes of "oil head", "coal head" and "gas head.

The total investment of Shenghong Refining and Chemical Integration Project is about 67.7 billion yuan, with a planned total area of 613 hectares. The project has a designed crude oil processing capacity of 16 million tons/year, an aromatics unit with a scale of 2.8 million tons/year (based on p-xylene output) and an ethylene cracking unit with a scale of 1.1 million tons/year. It is currently the largest atmospheric and vacuum distillation unit in China. In December 2022, the normal decompression, aromatics, ethylene and downstream chemical plants of the Shenghong Refining and Chemical Integration Project have been successfully opened up and put into full operation.

From the perspective of the upstream and downstream relationship of the industrial chain, the upstream refining and chemical sector is the basic raw material guarantee platform for the downstream polyester chemical fiber industry and new material industry. The petrochemical raw materials such as ethylene, propylene, PX, benzene, vinyl acetate, ethylene glycol, phenol and acetone produced by Shenghong Refining's 16 million-ton/year refining and chemical integration project can basically meet the raw material demand of downstream PET, polyester chemical fiber, acrylonitrile, ethylene oxide, EVA, propylene oxide and other products.

China's ethylene production capacity is 46.75 million tons/year in 2022 and is expected to exceed 70 million tons/year by 2025. On April 18, 2023, the EU approved carbon tariffs, oil refining and bulk chemicals into the list. Under the background of carbon peak in 2030 and carbon neutrality in 2060, the demand for POE and EVA photovoltaic materials will grow at a high speed. In addition, China's metallocene polyethylene (mPE) import dependence is high, EAA and other products are also subject to market focus.

The development of high-end ethylene polymers such as POE, EVA, EAA and metallocene polyethylene has become a hot spot in the domestic industry. Maoming Petrochemical, Wanhua, Satellite, Tianjin Petrochemical, Jingbo Petrochemical, etc. are conducting or have completed the POE pilot test, and gradually promote industrial production. As of December 2022, the domestic POE production capacity under construction will reach 2.1 million tons. High-carbon alpha-olefins (1-hexene or 1-octene) and catalysts are the key to metallocene polyolefins and POE.

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